Connected Energy Secures $3 Million Investment From Macquarie Group & ENGIE
Site-integrated energy storage solutions provider Connected Energy has secured a $3 million investment from Australian bank Macquarie Group and French utility ENGIE to fund the growth of its unique battery storage systems that use retired electric vehicle battery packs as stationary energy storage systems.
The $3 million investment will provide UK-based energy storage company Connected Energy the working capital necessary to realize its growth plans in the UK and across Europe. The company has developed the world’s only commercially available stationary energy storage platform that makes use of retired electric vehicle battery packs to provide site-integrated energy storage solutions. Over the past two years we have seen the company make several partnerships, first with Renault and then, more recently, with Jaguar Land Rover.
“We are delighted that Macquarie and ENGIE have provided this significant financial and management value for our phase of aggressive market growth,” said Matthew Lumsden, CEO of Connected Energy. “We have a tremendous pipeline of demand for battery-based storage systems. Our E-STOR system is proven, with very positive feedback from customers appreciating its full service offering as well as our low costs and exceptional sustainability credentials. In this uncertain energy landscape we look forward to capitalising on the burgeoning need for grid balancing schemes through energy storage, as well as adding to the sustainability of electric vehicles.”
Reusing retired electric vehicle batteries in this way serves to extend the lifespan of these batteries, as well as make the most out of the carbon and energy that went into manufacturing the battery in the first place — which serves to add value to the sustainability credentials of both the electric vehicles providing the batteries and the new energy systems created by Connected Energy.
One of the inherent problems that arise when looking to recycle technologies such as Lithium-ion batteries is that there is not necessarily one standard recipe to design a battery, making it difficult to create a standard recycling method. “Everyone is using their own formulation,” said Linda Gaines, an analyst for the Center for Transportation Research at the Argonne National Laboratory in the US, in a Financial Times article from September. If 100% of the battery cannot be recycled — current estimates are that around 90% are able to be effectively recycled — then second-life use for electric vehicle batteries serves as an effective method to extend the use of the original materials and energy demand that went into manufacturing.
“The provision of energy storage to support grid stability and create a charging network for electric vehicles will be a major theme in power infrastructure over the coming years,” added Matthew Booth, Senior Managing Director in Macquarie’s Commodities and Global Markets group. “We are pleased to have invested in this innovative company which has developed an environmentally friendly and low cost solution to help meet this need.”
“Engie is developing innovative and effective energy solutions to overcome the challenges of the transition to clean energy,” concluded Hendrick Van Asbroeck, MD Engie New Ventures. “This investment is an exciting opportunity to develop together with Connected Energy leading and environmentally friendly energy storage solutions for our customers.”
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